Tullow Oil plc Reports Production Results for the Year 2012; Announces Capital Expenditure Results for the Year 2012; Provides Revenue Guidance for the Year 2012; Production and Capital Expenditure Guidance for 2013
For the year 2012, capital expenditure was amounted to $1.9 billion. Net debt at 31 December 2012 was approximately $1.0 billion.
Total revenue for 2012 is expected to be of the order of $2.35 billion.
Production guidance for 2013 will be in the range of 86,000 to 92,000 boped which includes all gas assets currently held for sale. Based on current estimates and work programmes, total capital expenditure for 2013 is forecast to be $2.0 billion, excluding acquisition costs. Approximately 45% will be allocated to exploration and appraisal and the remainder to selected development activities.